Private Placement Completed

January 24th, 2002

Toronto, January 24, 2002 — Banro Corporation (the “Company”) (CDNX — YBE) announces that, further to its January 14, 2002 press release, it has closed a non-brokered private placement of 350,000 units of the Company (the “Units”) at a price of $0.70 per Unit for proceeds to the Company of $245,000 (the “Financing”). Each Unit consists of one common share of the Company and one non-transferable warrant of the Company (a “Warrant”), each Warrant entitling the holder to purchase one common share of the Company at a price of $0.80 for a period of two years. Proceeds from the Financing will be added to the Company’s working capital. Taking into account this transaction, the Company now has 7,822,844 common shares issued and outstanding.

Arnold T. Kondrat, the Executive Vice President and a director of the Company, purchased 250,000 of the Units. He purchased the Units for investment purposes, and may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions. Mr. Kondrat now owns a total of 1,278,599 common shares representing 16.56% of the issued and outstanding common shares of the Company. He also holds stock options to purchase 250,000 common shares of the Company and warrants to purchase 650,000 common shares of the Corporation (including the 250,000 Warrants acquired pursuant to the Financing).

The common shares comprising part of the Units held by Mr. Kondrat, and the common shares issuable upon exercise of the Warrants held by Mr. Kondrat, are subject to a six month “hold period” under applicable securities regulation. The common shares comprising part of the Units held by the other purchasers under the Financing, and the common shares issuable upon exercise of the Warrants held by such purchasers, are subject to a 12 month “hold period” under applicable securities regulation.

For further information, please contact:
Arnold T. Kondrat
Executive Vice President
Phone: (416) 366-2221
Fax: (416) 366-7722

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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